The government is releasing more than 700,000 tonnes of rice in stocks to support continuing Thai rice exports amid increased demand and prices on the world market.

Deputy Prime Minister and Commerce Minister Somkid Jatusripitak has approved the plan in which Thai rice exporters are each welcome to bid for a certain amount of the rice for their shipments overseas, according to Director-General of the Department of Foreign Trade Rachane Potjanasuntorn.

"The move followed a shortage of rice supply in this year's harvest amid rising demand and prices on the world market" Mr. Rachane told journalists here on Friday.

"With the plan, local rice exporters will fulfil their overseas orders without waiting for the next harvest," he noted.

With the increased global demand, Mr. Rachane said, Thai rice from this year's harvest had been mostly exported so far.

The rice in the government stocks include 5 per cent, 15 per cent and 25 per cent white rice.

Bidding of the rice must be in US dollars based on the free on board (FOB) Bangkok price.

Tenders are to be submitted at the Department of Foreign Trade in Nonthaburi Province on the outskirts of Bangkok on January 31 from 10:00-12:00 a.m., with winning bids to be announced later at around 02:00 p.m., according to the department chief.